1.Signed on November 29, 2006;
Entered into force on November 29, 2006
The Money Laundering Prevention Center(MLPC ) of the Republic of
China (Taiwan) and Korea Financial Intelligence Unit (KoFIU) of
the Republic of Korea, hereinafter referred to as “the
Authorities”, desire, in a spirit of cooperation and mutual
interest, and within the framework of each Authority’s national
legislation, to facilitate the prevention and detection of money
laundering and also to facilitate the analysis and investigation
of persons or companies suspected of criminal activity related
to money laundering.
To those ends, they have reached the understandings set forth
1. Scope of Cooperation
The Authorities will cooperate to exchange financial
intelligence, in the form of information or documents
concerning financial transactions suspected of being related
to money laundering or criminal activities connected with
money laundering. To that end, the Authorities will exchange
spontaneously or upon request any available financial
intelligence that may be relevant to the investigation by the
Authorities into financial transactions related to money
laundering and the persons or companies involved.
2. Requests for Financial Intelligence
The requesting Authority should disclose to the requested
Authority at a minimum the reason for the request, the
purpose for which the information will be used and enough
information to enable the requested Authority to determine
whether the request complies with its domestic law.
3. Uses of Financial Intelligence
a. Financial intelligence exchanged between the Authorities
may be used only for the specific purpose for which the
financial information was sought or provided.
b. The receiving Authority may not transfer financial
intelligence shared by the disclosing Authority to a third
party, nor make use of the financial intelligence for
investigative, prosecutorial or judicial purposes, without
prior consent of the disclosing Authority.
c. It is understood that information obtained in accordance
with this Memorandum can be used in justice only when
related to money laundering originating from predicate
offences provided in the anti-money laundering legislation
of the respective Authorities.
4. Confidentiality of Financial Intelligence
The financial intelligence acquired in application of this
Memorandum and the fact that the information was provided
should be kept confidential. It should be protected by at
least the same confidentiality as provided by the national
legislation of the receiving Authority for similar
information from national sources.
5. Refusal of Providing Financial Intelligence
The Authorities are under no obligation to give assistance if
judicial proceedings have already been initiated concerning
the same facts as the request is related to.
6. Working Meetings and Consultations
If necessary, the representative of the Authorities will hold
working meetings and consultations in order to discuss how to
reinforce the cooperation within this Memorandum and make it
7. Communication between the Authorities shall as far as
possible take place in English.
8. Effective date; Amendment; Termination
a. This Memorandum will become effective upon signature by the
b. This Memorandum may be amended at any time, in writing, as
mutually arranged by the Authorities.
c. Either Authority may terminate this Memorandum of
Understanding by 30 days’ notice in writing to the other
d. Notwithstanding the termination of this Memorandum of
Understanding, the confidential provision referred to in
article 4 shall remain in application.
Signed at_________________, on________________, in the English
language(this English text being the agreed authentic text, and
each party taking the responsibility for establishing
translation in their own language).
Yu-Yi Chou Tae-Kyun Kwon
Money Laundering Korea Financial
Prevention Center Intelligence Unit
Republic of Republic of Korea